Heard that Frank had a deal where Clover would stay untouched for 10 years. That ended in dec 2022.
Thats when they seem to have had a new team come aboard. Wondering if this is true..
If so..
The plague has started….and there is no escape.
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The founder's clause expired when the founder (John) was given a final payout and left.
Shilly here downvoting every post?
From Wikipedia
The deal utilized a "Founder's Clause" that would trigger a very large penalty payment if the parent company interfered with operations of Clover.
I assume this clause expired after 10 years.
For how long I wonder?
They have a similar don’t bother us policy with Finxact.
I've worked at clover for almost 7 years. Things have gotten progressively worse since the fiserv merger. It has definitely been accelerating in the past year though. It makes me wonder if Frank was able to start to bypass the deal, since it was made with first data, not fiserv.
That doesn't seem real because it would mean that Frank kept his word.
It’s true that First Data acquired Clover in December, 2012. The 10 year part would be hard to validate but it does sound plausible. Even more so when factor in Clover’s seeming exemption from bad things till now.